MICHIGAN FORECLOSURES DECREASE 5 PERCENT IN DECEMBER

Activity Up 53 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Jan. 15, 2007 – Michigan reported 6,812 properties entering some stage of the foreclosure process in December, a 5 percent decrease from the 7,168 properties reported in November, but still a 53 percent increase from the 4,462 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report. The state registered the sixth highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 620 households — 1.7 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Job losses in Michigan’s automotive industry continue to strain the local housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Higher unemployment, combined with fewer home sales and home prices that actually decreased in the fourth quarter, are all spurring increased foreclosure activity in the state.”

 

Michigan’s foreclosure total was the sixth highest in the country for December, with only Texas, California, Florida, Ohio and Illinois registering higher totals for the month. Texas led the nation with 14,195 properties in some stage of foreclosure, followed by California, with 12,623 properties in foreclosure. Florida ranked third with 8,321 properties in the foreclosure process, followed by Ohio with 7,349 properties in the foreclosure pipeline. Fifth place Illinois reported just 91 more foreclosures than Michigan for the month.

 

“The increase in divorces — as well as job losses in Michigan — is contributing to homes going into foreclosure,” said Rebecca Nagy, a Michigan real estate agent and member of the RealtyTrac™ Agent Network. “Many investors from all over the country are taking advantage of this slow market to come in and lowball homes. They are buying foreclosures, corporate-owned homes and desperate sellers’ homes for rock bottom prices.” 

 

Three counties account for largest share of state total

Foreclosures in three counties combined accounted for 71 percent of all Michigan foreclosures in December. Wayne County led the way with 3,302 properties entering some stage of the foreclosure process during the month. Macomb County had the second highest total, reporting 779 properties entering some stage of foreclosure. Oakland County was third, reporting 726 properties in the foreclosure pipeline.

 

Wayne County posts state’s highest foreclosure rate

Wayne County documented the highest foreclosure rate in Michigan for December, reporting one new foreclosure filing for every 250 households — 2.5 times the state average and 4.2 times the national average. Macomb County posted the second highest rate, reporting one new foreclosure filing for every 411 households — 1.5 times the state average and 2.6 times the national average. Calhoun County came in third with one new filing for every 485 households, followed by Saginaw County with one new filing for every 506 households. Shiawassee County rounded out the top five with one new filing for every 539 households.

 

State makes significant contribution to national total

Michigan’ accounted for 6 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a 9 percent decrease from the 120,334 foreclosures reported in November. The nation’s foreclosure rate decreased to one new foreclosure filing for every 1,055 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                       Michigan Foreclosure Market by County – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

Michigan

1,079

3,069

0

0

2,664

6,812

620

1.70

n/a

 

 

 

 

 

 

 

 

 

 

Allegan

0

4

0

0

35

39

1,110

0.95

0.56

Antrim

0

0

0

0

0

0

n/a 

0.00

0.00

Barry

0

6

0

0

0

6

3,979

0.26

0.16

Bay

0

1

0

0

27

28

1,658

0.64

0.37

Benzie

0

0

0

0

0

0

n/a 

0.00

0.00

Berrien

0

2

0

0

18

20

3,672

0.29

0.17

Branch

0

1

0

0

1

2

9,911

0.11

0.06

Calhoun

0

64

0

0

57

121

485

2.17

1.28

Cass

0

4

0

0

0

4

5,971

0.18

0.10

Charlevoix

0

2

0

0

0

2

7,685

0.14

0.08

Cheboygan

0

1

0

0

0

1

16,583

0.06

0.04

Clare

0

3

0

0

0

3

7,410

0.14

0.08

Clinton

0

14

0

0

9

23

1,071

0.98

0.58

Dickinson

0

1

0

0

0

1

13,702

0.08

0.05

Eaton

0

8

0

0

19

27

1,560

0.68

0.40

Emmet

0

2

0

0

0

2

9,277

0.11

0.07

Genesee

1

66

0

0

205

272

675

1.56

0.92

Grand Traverse

0

6

0

0

0

6

5,807

0.18

0.11

Gratiot

0

3

0

0

0

3

5,172

0.20

0.12

Hillsdale

0

2

0

0

0

2

10,095

0.10

0.06

Huron

0

1

0

0

0

1

20,430

0.05

0.03

Ingham

2

50

0

0

127

179

643

1.64

0.96

Ionia

0

1

0

0

0

1

22,006

0.05

0.03

Isabella

0

2

0

0

0

2

12,264

0.09

0.05

Jackson

0

59

0

0

0

59

876

1.20

0.71

Kalamazoo

1

88

0

0

47

136

730

1.44

0.85

Kalkaska

0

1

0

0

0

1

10,822

0.10

0.06

Kent

0

269

0

0

140

409

548

1.93

1.13

Lapeer

0

2

0

0

51

53

618

1.71

1.00

Leelanau

0

1

0

0

2

3

4,432

0.24

0.14

Lenawee

0

1

0

0

0

1

39,769

0.03

0.02

Livingston

0

6

0

0

43

49

1,202

0.88

0.52

Mackinac

0

1

0

0

0

1

9,413

0.11

0.07

Macomb

193

283

0

0

303

779

411

2.56

1.51

Mecosta

0

0

0

0

0

0

n/a 

0.00

0.00

Midland

0

0

0

0

0

0

n/a 

0.00

0.00

Monroe

0

10

0

0

40

50

1,129

0.93

0.55

Montcalm

0

4

0

0

0

4

6,475

0.16

0.10

Montmorency

0

0

0

0

0

0

n/a 

0.00

0.00

Muskegon

0

47

0

0

52

99

692

1.52

0.90

Newaygo

0

1

0

0

0

1

23,202

0.05

0.03

Oakland

256

209

0

0

261

726

678

1.56

0.91

Oceana

0

1

0

0

0

1

15,009

0.07

0.04

Ogemaw

0

0

0

0

0

0

n/a 

0.00

0.00

Osceola

0

3

0

0

0

3

4,284

0.25

0.14

Ottawa

0

22

0

0

30

52

1,670

0.63

0.37

Saginaw

1

65

0

0

103

169

506

2.08

1.23

Saint Clair

0

3

0

0

21

24

2,796

0.38

0.22

Saint Joseph

0

2

0

0

0

2

13,252

0.08

0.05

Sanilac

0

6

0

0

16

22

969

1.09

0.64

Shiawassee

0

1

0

0

53

54

539

1.96

1.15

Tuscola

0

1

0

0

0

1

23,378

0.05

0.03

Van Buren

0

4

0

0

0

4

8,494

0.12

0.07

Washtenaw

1

5

0

0

46

52

2,521

0.42

0.25

Wayne

624

1,720

0

0

958

3,302

250

4.21

2.48

Wexford

0

10

0

0

0

10

1,487

0.71

0.42

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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